Retirement Advantage has launched equity release products for buy-to-let properties.
The products let landlords release cash from their portfolio tax free.
The new ‘landlord options’ range has three products, all with no affordability checks.
The ‘landlord lifestyle options’ product will pay a cash lump sum upfront, with interest rolling up for the duration of the loan.
The ‘landlord interest select options’ loan will allow the customer to choose to service some or all of the interest.
Finally, the ‘landlord voluntary select options’ product lets customers pay up to 10 per cent of the initial loan amount each year with no early repayment charges.
Buy-to-let landlords can take out one of the products on multiple properties, on any property in England, Scotland and Wales worth between £70,000 and £6m.
Properties above £6m are reviewed on a case-by-case basis.
Advantage Equity Release managing director Tom Evans says: “These are exciting times for the equity release market, with growth at record levels. With demand increasing, innovation of this kind is integral to meeting the needs of people across the country.”
Retirement Advantage has also launched a range of equity release products for those with second homes.
The ‘second home options’ range will offer a similar set of product options to the buy-to-let range.
The range will also have the same property value limits.
To release equity from a second home, the property must be for the sole occupancy of the owner and must be used by the owner for at least four weeks every year.